Amyris Inc (AMRS) 2021 Q1 法說會逐字稿

Welcome to the Amyris First Quarter 2021 Financial Results Conference Call. This call is being webcast live on the Events page of the Investors section of the Amyris website at amyris.com. As a reminder, this call is being recorded. You may listen to a webcast replay of this call by going to the Investors section of Amyris website.

歡迎參加 Amyris 2021年第一季度財務業績電話會議。此電話會議正在 Amyris 網站 amyris.com 的投資者部分的活動頁面上進行網絡直播。提醒一下，此通話正在錄音中。您可以前往 Amyris 網站的投資者部分收聽此次電話會議的網絡廣播重播。

I would now like to turn the call over to Han Kieftenbeld, Chief Financial Officer of Amyris. Please go ahead.

我現在想把電話轉給 Amyris 的首席財務官 Han Kieftenbeld。請繼續。

Thank you, Allie, and good morning and good afternoon, everyone. Thank you for joining us today. With me are John Melo, President and Chief Executive Officer; and Eduardo Alvarez, Chief Operating Officer. This morning, John will provide a business update, Eduardo will share operational performance highlights, and I will review our financial results for the quarter.

謝謝艾莉，大家早上好，下午好。感謝您今天加入我們。和我一起的是總裁兼首席執行官 John Melo；首席運營官愛德華多·阿爾瓦雷斯 (Eduardo Alvarez)。今天早上，John 將提供業務更新，Eduardo 將分享運營業績重點，我將回顧我們本季度的財務業績。

Please note that on this call, you will hear discussions of non-GAAP financial measures including, but not limited to, underlying sales revenue, gross margin, cash operating expense and adjusted EBITDA. Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are contained in the financial summary section slides of the accompanying presentation or the press release distributed today, which is available on our website. The current report on Form 8-K furnished with respect to our press release is also available on our website as well as on the SEC's website.

請注意，在本次電話會議上，您將聽到對非 GAAP 財務指標的討論，包括但不限於基礎銷售收入、毛利率、現金運營費用和調整後的 EBITDA。這些非 GAAP 措施與最直接可比的 GAAP 財務措施的調節包含在隨附演示文稿或今天發布的新聞稿的財務摘要部分幻燈片中，可在我們的網站上獲取。與我們的新聞稿相關的當前 8-K 表格報告也可以在我們的網站和美國證券交易委員會的網站上找到。

During this call, we will make forward-looking statements about future events and circumstances, including Amyris' 2021 outlook, goals and strategic priorities as well as market opportunities and growth prospects. These statements are based on management's current expectation, and actual results and future events may differ materially due to risks and uncertainties, including those detailed from time to time in our filings with the Securities and Exchange Commission, including our 10-Q for the first quarter of 2021. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise.

在此次電話會議中，我們將對未來事件和情況做出前瞻性陳述，包括 Amyris 的 2021 年展望、目標和戰略重點以及市場機會和增長前景。這些陳述基於管理層當前的預期，實際結果和未來事件可能因風險和不確定性而存在重大差異，包括我們不時在向美國證券交易委員會提交的文件中詳述的風險和不確定性，包括我們第一季度的 10-Q 2021 年。Amyris 不承擔任何更新這些前瞻性陳述中包含的信息的義務，無論是由於新信息、未來事件還是其他原因。

Before we begin today, I'd like to note that included in our webcast is a slide presentation we will refer to. The slides will also be posted on the Investor Relations sections of Amyris' website following the call.

在我們今天開始之前，我想指出我們的網絡廣播中包含我們將參考的幻燈片演示。這些幻燈片也將在電話會議後發佈在 Amyris 網站的投資者關係部分。

I'll now turn the call over to John.

我現在將電話轉給約翰。

Thank you, Han. Good morning, everyone, and thank you for joining us today. I'll start by providing a business overview. I'll then cover our recent strategic transactions and the acceleration of our market leadership. I'll provide an update on our consumer business and its key growth drivers. And lastly, a few comments regarding the new strategic partnership we announced earlier this week with Ingredion.

謝謝你，韓。大家早上好，感謝您今天加入我們。我將從提供業務概述開始。然後我將介紹我們最近的戰略交易和我們市場領導地位的加速。我將提供有關我們的消費者業務及其主要增長動力的最新信息。最後，關於我們本週早些時候宣布的與 Ingredion 的新戰略合作夥伴關係的一些評論。

We delivered significant value during the first quarter from continued product-related revenue growth and the completion of the second strategic ingredients transaction resulting in record revenue of $177 million, gross margin of 91% and significantly positive adjusted EBITDA of $103 million. First quarter product revenue was up 47% driven by strong consumer revenue growth. We further reduced our debt position by 33% to $115 million.

第一季度，我們通過產品相關收入的持續增長和第二項戰略成分交易的完成實現了巨大價值，帶來了創紀錄的 1.77 億美元收入、91% 的毛利率和 1.03 億美元的顯著正調整 EBITDA。在強勁的消費者收入增長的推動下，第一季度產品收入增長了 47%。我們進一步將債務頭寸減少了 33% 至 1.15 億美元。

And since the close of the first quarter, per our commitment, we completed the third strategic ingredients transaction with an estimated value of $100 million and a successful equity raise of new proceeds of $131 million. All these factors combined significantly improved our capital structure, solidified our liquidity and provides financial flexibility to accelerate our growth. We believe we are the first company to achieve self-sustainability with strong cash generation from our assets and technology, and we have the balance sheet to continue delivering industry-leading growth and further expand our technology leadership.

自第一季度末以來，根據我們的承諾，我們完成了估計價值 1 億美元的第三筆戰略成分交易，並成功籌集了 1.31 億美元的新收益。所有這些因素共同顯著改善了我們的資本結構，鞏固了我們的流動性並提供了財務靈活性以加速我們的增長。我們相信我們是第一家通過我們的資產和技術產生大量現金實現自我可持續發展的公司，我們的資產負債表可以繼續實現行業領先的增長並進一步擴大我們的技術領先地位。

The role of synthetic biology for our planet is bigger than any one company. The way most things are made and what we live with today is not sustainable. There is a tremendous consumer pull toward clean, natural and sustainably produced products. We are leading this transition to clean chemistry just like Tesla has led the transition to the electrification of transportation. We are the leaders of biomanufacturing and believe that we have delivered more biomanufactured products than the aggregate of the entire sector. Most companies in our sector do not have the benefit yet of a portfolio of scale and commercialized products. This is their aspiration.

合成生物學對我們星球的作用比任何一家公司都大。大多數事物的製造方式和我們今天的生活都是不可持續的。消費者對清潔、天然和可持續生產的產品有著巨大的吸引力。我們正在引領向清潔化學的轉變，就像特斯拉引領了向交通電氣化的轉變一樣。我們是生物製造領域的領導者，相信我們交付的生物製造產品比整個行業的總和還多。我們行業中的大多數公司還沒有從規模化和商業化的產品組合中獲益。這是他們的願望。

Last year alone, we manufactured and sold more bio-based sustainable products than all of the companies in our sector. This is our clean advantage and one of the reasons companies like DSM, Ingredion, Firmenich, Givaudan, L’Oréal, Shiseido, Natura, Estee Lauder, Sumitomo and many others partner with us to make and supply them clean, biomanufactured material from fermentation. As evidenced by our partnerships, companies seek us out to help transform their supply chains, lower their costs and meet the needs of their customers for sustainable sources of supply. The competition is the establishment, the suppliers of traditional chemistry.

僅去年一年，我們生產和銷售的生物基可持續產品就超過了我們行業中的所有公司。這是我們的清潔優勢，也是像 DSM、Ingredion、Firmenich、Givaudan、L'Oréal、Shiseido、Natura、Estee Lauder、Sumitomo 和許多其他公司與我們合作製造和供應來自發酵的清潔生物製造材料的原因之一。正如我們的合作夥伴關係所證明的那樣，公司尋求我們幫助他們轉變供應鏈、降低成本並滿足客戶對可持續供應來源的需求。競爭是建立傳統化學的供應商。

Most of our peer group has promising technology at the lab stage. However, few have been able to demonstrate an ability to convert this into commercialized products that can be produced at industrial scale. We are the biomanufacturing sector leader with a proven business model that we believe has attained self-sustaining growth. We are in a consumer supercycle for beauty and luxury. This is global in nature and a result of megatrends driving a significant acceleration to healthy skin and a deep commitment by the consumer to personal health and wellness.

我們的大多數同齡人都在實驗室階段擁有有前途的技術。然而，很少有人能夠證明能夠將其轉化為可以工業規模生產的商業化產品。我們是生物製造行業的領導者，擁有行之有效的商業模式，我們相信該模式已實現自我維持增長。我們正處於美容和奢侈品的消費超級週期中。這在本質上是全球性的，是大趨勢推動健康皮膚顯著加速以及消費者對個人健康和保健的堅定承諾的結果。

During previous investor calls, we discussed the 4 areas of growth for our consumer brands: first, new product launches; second, exclusive formulations and ingredients; thirdly, expansion of selling doors and square footage space in retail stores; and fourthly, geographical expansion. So far this year, we have added 5 new brands that address fast-growing market segments in the beauty and personal care space. This includes haircare with JVN and clean color cosmetics with Rose Inc. We are also adding specialty skincare brands, including Terasana for skincare treatments like acne; and Costa Brazil, a clean luxury skincare brand; as well as EcoFabulous for the Gen Z consumer who's focused on clean, sustainable beauty.

在之前的投資者電話會議中，我們討論了我們消費品牌的 4 個增長領域：第一，新產品發布；第二，獨家配方和成分；第三，擴大零售店的門面和麵積；第四，地域擴張。今年到目前為止，我們已經增加了 5 個新品牌，以應對美容和個人護理領域快速增長的細分市場。這包括 JVN 的護髮產品和 Rose Inc. 的清潔彩妝。我們還增加了專業護膚品牌，包括用於痤瘡等護膚治療的 Terasana；和清潔奢侈護膚品牌 Costa Brazil；以及 EcoFabulous，專為關注清潔、可持續美容的 Z 世代消費者打造。

We have become the house of billion-dollar brands for clean, sustainable products that are accessible to consumers and deliver the best performance for their health. This is a deep capability that starts with our leading lab-to-market science platform, our clean biomanufacturing and an award-winning formulation product development team that continues to deliver differentiated products that are loved by our consumers. The future of health, wellness and beauty is clean, and we are leading this path for consumers.

我們已經成為價值數十億美元的清潔、可持續產品品牌之家，這些產品可供消費者使用，並為他們的健康提供最佳性能。這是一項深層次的能力，始於我們領先的從實驗室到市場的科學平台、我們的清潔生物製造和屢獲殊榮的配方產品開發團隊，該團隊繼續提供深受消費者喜愛的差異化產品。健康、保健和美麗的未來是清潔的，我們正在為消費者引領這條道路。

The first quarter was very strong for our consumer business, and this has accelerated into the second quarter. We are at over 4,000 new retail doors for our brands versus our 2021 target of 2,000 doors. Our direct-to-consumer dot-com business has continued to deliver much better than industry growth. And heading into the second quarter, brick-and-mortar sales have returned with very strong performance. Our Sephora sales are now delivering better than pre-COVID growth rates. We are very pleased to benefit from the return to strong retail store buying in luxury and beauty without losing the strong dot-com performance we delivered through the COVID period.

第一季度我們的消費者業務非常強勁，並且這種情況已經加速進入第二季度。我們的品牌有超過 4,000 家新零售店，而我們 2021 年的目標是 2,000 家。我們的直接面向消費者的互聯網業務的表現繼續好於行業增長。進入第二季度，實體店銷售表現強勁。我們絲芙蘭的銷售額現在比 COVID 之前的增長率要好。我們很高興能夠在不失去我們在 COVID 期間提供的強勁網絡表現的情況下，從恢復強勁的奢侈品和美容零售店購買中受益。

Recently, we announced a 5-year partnership with Reese Witherspoon as global brand ambassador for Biossance. Reese, the Biossance brand team and its industry-leading scientists will create content that is engaging and educational, empowering today's beauty community to become savvier, more health-conscious consumers. We are experiencing significant consumer growth for our biossance.com business and a very strong, positive impact to revenue from this partnership with Reese even in its early days.

最近，我們宣布與 Reese Witherspoon 建立為期 5 年的合作夥伴關係，擔任 Biossance 的全球品牌大使。Reese、Biossance 品牌團隊及其行業領先的科學家將創作具有吸引力和教育意義的內容，使當今的美容界成為更精明、更注重健康的消費者。我們的 biossance.com 業務正在經歷顯著的消費者增長，即使在早期，與 Reese 的合作也對收入產生了非常強大、積極的影響。

In addition to the very strong consumer performance in the US, we expect China revenue this year will be more than all of the Sephora revenue last year. The development of the Rose Inc. brand has progressed very well. Rose Inc. will launch selling in the third quarter and already has a strong retail order book from our various channel partners of more than $6 million. We are seeing strong interest in this new, clean color cosmetics brand, and we have industry leading product formulations. This is a beautiful brand with amazing, clean color cosmetics at a time when the consumer is entering the roaring '20s and rekindling their love for color cosmetics experiences.

除了美國非常強勁的消費者表現外，我們預計今年中國的收入將超過絲芙蘭去年的全部收入。玫瑰公司的發展品牌發展得很好。羅斯公司將在第三季度開始銷售，並且已經從我們的各個渠道合作夥伴那裡獲得了超過 600 萬美元的強勁零售訂單。我們看到人們對這個新的、乾淨的彩妝品牌產生了濃厚的興趣，而且我們擁有行業領先的產品配方。這是一個美麗的品牌，在消費者進入轟轟烈烈的 20 年代並重新點燃他們對彩妝體驗的熱愛之際，推出了令人驚嘆、乾淨的彩妝。

We are also experiencing significant demand for our JVN clean hair care brand partnered with Jonathan Van Ness. We will bring the JVN brand to market in the third quarter. Our product developers and formulators have done an outstanding job capturing the brand essence of clean and simple formulations, delivering a truly differentiated product, taking full advantage of clean ingredients we've developed and manufactured. We develop and formulate our consumer products and own our formulas. We have deep knowledge in formulating clean ingredients for them to deliver the best efficacy of any product on the market. I can tell you I have now started using JVN shampoo and conditioner, and I will never switch back to another shampoo. It is a game-changing experience.

我們還遇到了對我們與 Jonathan Van Ness 合作的 JVN 清潔護髮品牌的巨大需求。我們將在第三季度將 JVN 品牌推向市場。我們的產品開發人員和配方設計師在捕捉清潔和簡單配方的品牌精髓方面做得非常出色，提供真正差異化的產品，充分利用我們開發和製造的清潔成分。我們開發和配製我們的消費品並擁有我們的配方。我們在為他們配製清潔成分方面擁有深厚的知識，以提供市場上任何產品的最佳功效。我可以告訴你，我現在已經開始使用 JVN 洗髮水和護髮素，而且我再也不會換回其他洗髮水了。這是一種改變遊戲規則的體驗。

I'm very pleased to announce today our partnership with [Renfield Manufacturing]. They are a proven manufacturer of cosmetics and beauty products, and we are investing with them in a manufacturing and fulfillment center for our consumer brands in Reno, Nevada, not far from the Tesla megafactory. We expect to start manufacturing there in the fourth quarter of this year. We expect to evolve around 70% of our consumer products from various contract manufacturers into this location and expect this to reduce our consumer brands' cost of goods by about 10%.

我很高興今天宣布我們與 [Renfield Manufacturing] 的合作夥伴關係。他們是經過驗證的化妝品和美容產品製造商，我們正在與他們一起投資在內華達州里諾為我們的消費品牌建立製造和履行中心，距離特斯拉超級工廠不遠。我們預計今年第四季度在那裡開始生產。我們希望將來自不同合同製造商的大約 70% 的消費產品發展到這個位置，並期望這會將我們的消費品牌的商品成本降低大約 10%。

Additionally, we expect to improve our speed to market and our flexibility in quickly adapting to the needs of our retail partners and consumers. We have more demand today from our consumer business than what we've been able to supply over the last several quarters. And we want to structurally address this. We are very pleased to work with Renfield Manufacturing and very excited to start delivering products from our Reno fulfillment center in the fourth quarter.

此外，我們希望提高上市速度以及快速適應零售合作夥伴和消費者需求的靈活性。我們今天對消費者業務的需求超過了過去幾個季度的供應能力。我們想從結構上解決這個問題。我們很高興與 Renfield Manufacturing 合作，也很高興在第四季度開始從我們的 Reno 運營中心交付產品。

Our consumer business is performing better than expected this year, and we expect this business to be around $300 million in 2022 revenue while continuing to more than double annually for the next several years. This is our track record. We've been able to grow our consumer business 2 to 3x a year for the last 2 to 3 years, and we expect at least doubling our revenue for the next several years in the consumer business.

我們的消費者業務今年的表現好於預期，我們預計該業務 2022 年的收入將達到 3 億美元左右，同時在未來幾年內每年繼續增長一倍以上。這是我們的業績記錄。在過去的 2 到 3 年裡，我們的消費者業務每年增長 2 到 3 倍，我們預計未來幾年消費者業務的收入至少翻一番。

We've made tremendous progress on the evolution of our ingredients portfolio over the past 5 months. In the first quarter, we announced the largest ingredients transaction in our history, which further validated the value we have long associated with our ingredients portfolio. This is a significant acceleration of our collaboration strategy and established a powerhouse for clean natural ingredients that are sustainably sourced for the personal care and flavor and fragrance industry. This is definitely not a monetization strategy. We have now demonstrated an ability to capture around $100 million in value on average for each molecule in our portfolio. We have 24 molecules in development and scale-up and expect these to all reach full-scale commercialization by 2025.

在過去的 5 個月裡，我們在成分組合的發展方面取得了巨大進步。第一季度，我們宣布了歷史上最大的原料交易，進一步驗證了我們長期以來與原料組合相關的價值。這是我們合作戰略的重大加速，並建立了清潔天然原料的強大動力，這些原料可持續地為個人護理和香精香料行業採購。這絕對不是貨幣化策略。我們現在已經證明，我們的產品組合中的每個分子平均能夠獲取約 1 億美元的價值。我們有 24 個分子正在開發和放大，預計到 2025 年這些分子將全部實現全面商業化。

In addition, we have over 250 molecules in our current pipeline where we have successfully engineered a strain and demonstrated successful production in a fermentation. These are ready to advance to full development and scale-up. We have successfully worked with multiple organisms. We make organism choices based on what's best for large-scale industrial fermentation. We are the largest producer of biomanufactured material. We are no longer in the academic discussion of how many organisms we work with. We are focused and need to deliver products to our customers every single day. We select and adapt to what organism works best for the molecule we need to deliver at industrial scale and deliver sustainably to our end markets.

此外，我們目前的管道中有超過 250 個分子，我們已經成功地設計了一種菌株並證明在發酵中成功生產。這些已準備好推進全面開發和擴大規模。我們已經成功地與多種生物體合作。我們根據最適合大規模工業發酵的方式來選擇有機體。我們是最大的生物製造材料生產商。我們不再參與關於我們與多少生物體合作的學術討論。我們專注於每一天都需要將產品交付給我們的客戶。我們選擇並適應哪種生物體最適合我們需要以工業規模交付並可持續地交付給我們的終端市場的分子。

Consistent with our previous communication, we have now completed 3 strategic transactions involving 4 different partners, namely Firmenich, Givaudan, DSM and now also Ingredion. The first 2 transactions we closed represent an estimated value of more than $550 million in short- and medium-term contributions. The upfront cash was $190 million for the 2 combined transactions with which we paid down $23 million in debt. We expanded the collaboration with Firmenich by 15 years and deepened the partnership with Givaudan. The technology and development of these relationships remain with Amyris. We expect an additional 10 molecules for development with these partners that include our technology and would be scaled and produced by Amyris long term. We have long-term supply agreements that represent an expected $2 billion in revenue for the remaining term of our long-term manufacturing agreements.

與我們之前的溝通一致，我們現在已經完成了涉及 4 個不同合作夥伴的 3 項戰略交易，即 Firmenich、Givaudan、DSM，現在還有 Ingredion。我們完成的前兩筆交易估計價值超過 5.5 億美元的短期和中期捐款。兩筆合併交易的預付現金為 1.9 億美元，我們用這些交易償還了 2300 萬美元的債務。我們將與芬美意的合作延長了 15 年，並加深了與奇華頓的合作夥伴關係。這些關係的技術和發展仍由 Amyris 負責。我們期望與這些合作夥伴一起開發另外 10 個分子，其中包括我們的技術，並將由 Amyris 長期擴展和生產。我們有長期供應協議，在我們長期製造協議的剩餘期限內預計收入為 20 億美元。

The third transaction that we announced on Monday of this week is with Ingredion. I'll cover the details of this new partnership in just a moment. As it relates to our manufacturing capabilities, I can confirm that our engineering and operations team continues to work hard on the construction of our new ingredients plant in Barra Bonita, Brazil. We expect to complete construction by the end of this year and be producing in early 2022. We expect to update you on our long-term capacity expansion plans for our fermentation footprint during the second half of this year.

我們在本週一宣布的第三筆交易是與 Ingredion 的交易。稍後我將詳細介紹這一新合作夥伴關係。由於這與我們的製造能力有關，我可以確認我們的工程和運營團隊將繼續努力建設我們在巴西巴拉博尼塔的新配料廠。我們預計在今年年底前完成建設，並在 2022 年初投產。我們希望在今年下半年向您介紹我們發酵足蹟的長期產能擴張計劃。

Let me update you on the third of the 3 strategic transactions, which is with Ingredion, for the exclusive licensing of Amyris' 0-calorie, natural nature-based, fermented Reb M sweetener. The combination of Amyris' leading synthetic biology technology platform with Ingredion's global market and customer reach and formulation capabilities will accelerate the availability and adoption of 0-calorie, nature-based sweeteners and other clean-label, fermentation-based food ingredients to the world's leading food and beverage companies. We have the leading 0-calorie natural sweetener and the only one produced from non-GMO sugar cane.

讓我向您介紹 3 項戰略交易中的第三項，即與 Ingredion 的最新進展，以獲得 Amyris 的 0 卡路里、天然發酵 Reb M 甜味劑的獨家許可。Amyris 領先的合成生物學技術平台與 Ingredion 的全球市場和客戶覆蓋面以及配方能力相結合，將加速 0 卡路里、基於天然的甜味劑和其他清潔標籤、基於發酵的食品配料的可用性和採用，成為世界領先的食品和飲料公司。我們擁有領先的 0 卡路里天然甜味劑，並且是唯一一種由非轉基因甘蔗生產的甜味劑。

Ingredion, via its PureCircle subsidiary, will become the exclusive global business-to-business commercialization partner for Amyris' sugar-reduction technology that includes fermented Reb M. The parties will enter into an R&D collaboration agreement to create and advance the development of sustainably sourced 0-calorie, nature-based sweeteners and potentially other types of fermentation-based food ingredients. Ingredion will become a minority partner in the Amyris Brazilian manufacturing facility that is currently under construction. Amyris will continue to own and market its Purecane consumer brand offering of tabletop and culinary sweetener products. The transaction value is estimated to be around $100 million, comprised of both short- and medium- term contributions from Ingredion. This includes $75 million for the exclusive license to sell and market Reb M from fermentation, along with a participation in the Brazil manufacturing joint venture. Additional value is expected from future profit share from Reb M sales and R&D collaborations. We expect about $1 billion in product revenue from this partnership over the next 15 years.

Ingredion 通過其 PureCircle 子公司，將成為 Amyris 減糖技術（包括發酵 Reb M）的獨家全球企業對企業商業化合作夥伴。雙方將簽訂研發合作協議，以創造和推動可持續採購的發展0 卡路里、天然甜味劑和潛在的其他類型的發酵食品成分。Ingredion 將成為目前正在建設中的 Amyris 巴西製造工廠的少數股東。Amyris 將繼續擁有和銷售其 Purecane 消費品牌的桌面和烹飪甜味劑產品。交易價值估計約為 1 億美元，包括 Ingredion 的短期和中期貢獻。這包括 7500 萬美元用於銷售和營銷來自發酵的 Reb M 的獨家許可，以及參與巴西製造合資企業。Reb M 銷售和研發合作的未來利潤份額有望帶來額外價值。我們預計在未來 15 年內，這一合作夥伴關係將帶來約 10 億美元的產品收入。

From the 3 transactions, we estimate about $3 billion in potential product revenue over the next 15 years. We believe this to be more than the product revenue of the entire industry over its history. We are continuing to lead the sector in revenue growth. We expect to deliver underlying revenue of around $250 million this year and total revenue of around $400 million this year when including the completed 2021 strategic transactions and the GAAP revenue in this year from these transactions. Our business model is delivering on the promise of synthetic biology. Ingredients such as Reb M from fermentation creates significant value and enable us to support the continued growth in our consumer business while maintaining our sector leadership in the supply of natural, sustainably sourced ingredients.

從這 3 筆交易中，我們估計未來 15 年的潛在產品收入約為 30 億美元。我們認為這超過了整個行業歷史上的產品收入。我們將繼續引領該行業的收入增長。如果包括已完成的 2021 年戰略交易和這些交易今年的 GAAP 收入，我們預計今年的基礎收入約為 2.5 億美元，總收入約為 4 億美元。我們的商業模式正在兌現合成生物學的承諾。來自發酵的 Reb M 等成分創造了巨大的價值，使我們能夠支持我們的消費者業務的持續增長，同時保持我們在供應天然、可持續來源的成分方面的行業領導地位。

With that, I'll turn the call over to Eduardo. Eduardo?

有了這個，我會把電話轉給 Eduardo。愛德華多？

Thank you, John. We had a very good first quarter, delivering product revenue of $28 million, which is a 47% increase over the same quarter last year. From a safety perspective, we had a 0 recordable incident in this quarter, and we continue to be very vigilant of our management of COVID and had no operational impact from it during this quarter.

謝謝你，約翰。我們第一季度表現非常好，產品收入為 2800 萬美元，比去年同期增長 47%。從安全角度來看，本季度我們發生了 0 起可記錄事件，我們繼續對 COVID 的管理保持高度警惕，並且在本季度沒有受到它的運營影響。

Today, I am going to review 3 items with you. First, I will provide an update on ingredient production. Second, I will explain how our consumer operations continue to drive industry-leading growth. And third, I will discuss our strategic priorities for the year.

今天，我將與您一起回顧3個項目。首先，我將提供有關原料生產的最新信息。其次，我將解釋我們的消費者業務如何繼續推動行業領先的增長。第三，我將討論我們今年的戰略重點。

We had a breakthrough quarter for squalene. In fact, we just set a quarterly production record in our history. We delivered 500 metric tons in production and sales for this quarter, representing an 83% increase compared to our Q1 2020 figure. There were 3 major reasons for this. First, we had a 60% revenue growth in Europe, where we converted new brands like LVMH while increasing usage and formulations at current customers like L’Oréal. Second, we captured tremendous growth in China. As John mentioned, we continue to see many Chinese brands like Perfect Diary, converting their formulas to squalene. We also competed a squalene supply agreement valued at [$19 million] over the next 2-year period. Finally, we continued with our content and leading customer engagement and now have a record lead generation with 1,500 active leads.

我們在角鯊烯方面取得了突破性的季度。事實上，我們剛剛創造了歷史上的季度生產記錄。本季度我們交付了 500 公噸的產銷量，與 2020 年第一季度的數字相比增長了 83%。這有3個主要原因。首先，我們在歐洲實現了 60% 的收入增長，我們轉換了 LVMH 等新品牌，同時增加了歐萊雅等現有客戶的使用量和配方。其次，我們在中國取得了巨大的增長。正如約翰所說，我們繼續看到許多中國品牌，如完美日記，將他們的配方轉化為角鯊烯。我們還在接下來的 2 年期間競爭了價值 [1900 萬美元] 的角鯊烯供應協議。最後，我們繼續我們的內容和領先的客戶參與，現在有 1,500 個活躍的潛在客戶，創造了創紀錄的潛在客戶。

During the quarter, we also ran our second CBD campaign. As we mentioned in a recent investor miniseries, this campaign delivered outstanding results. We delivered volume that was 6x bigger and unit costs that were about 1/4 the cost of the first campaign, and all of our CBD production was sold out in Q1. We also completed our largest campaign to date for our sweetener product. This campaign delivered 250% of the volume from our last campaign, and our processing yield was 25% higher, too. As John just mentioned, we're very excited to enter into an agreement with Ingredion where we will continue to produce our Reb M and leverage Ingredion's natural solutions capability and global reach.

在本季度，我們還開展了第二次 CBD 活動。正如我們在最近的投資者迷你係列中提到的那樣，該活動取得了出色的成果。我們交付的數量增加了 6 倍，單位成本約為第一個活動成本的 1/4，我們所有的 CBD 產品都在第一季度售罄。我們還完成了迄今為止最大的甜味劑產品宣傳活動。與上一次活動相比，此次活動交付了 250% 的數量，我們的處理產量也高出 25%。正如 John 剛才提到的，我們很高興與 Ingredion 達成協議，我們將繼續生產 Reb M 並利用 Ingredion 的天然解決方案能力和全球影響力。

Now let me spend time on our consumer operations. We delivered 73% revenue growth across brands. For Biossance, our e-commerce volume tripled over the quarter -- over the same quarter in 2020, and it now represents over 70% of our current orders. We continued our operational improvements in fulfillment, and our Valentine's and friends and family campaigns in the first quarter were very successful, delivering 250% more e-commerce orders than last year's. We also introduced 4 new Biossance products in Q1. For Pipette, we continue with excellent momentum, opening 3 new retail channels, including Anthropologie, KeHE and 607 Target store locations nationwide. At present, we have 13 distinct retail and e-commerce channels, and our volume was 5x larger than the same quarter of last year. Clearly, we are seeing tremendous momentum going into the rest of the year.

現在讓我花時間談談我們的消費者運營。我們在各個品牌中實現了 73% 的收入增長。對於 Biossance，我們的電子商務量在本季度增長了兩倍——與 2020 年同一季度相比，現在占我們當前訂單的 70% 以上。我們在履行方面繼續改進運營，我們在第一季度的情人節和親朋好友活動非常成功，交付的電子商務訂單比去年增加了 250%。我們還在第一季度推出了 4 款新的 Biossance 產品。對於 Pipette，我們繼續保持良好勢頭，開設了 3 個新的零售渠道，包括 Anthropologie、KeHE 和全國 607 家 Target 門店。目前，我們擁有 13 個不同的零售和電子商務渠道，我們的交易量是去年同期的 5 倍。顯然，我們看到了進入今年剩餘時間的巨大勢頭。

Looking ahead, our plan for launching our announced 5 new brands remains on track, and operationally, as John mentioned, we have begun to scale our production and distribution to meet that growth. I will be expanding on these actions in our next quarterly reviews.

展望未來，我們推出 5 個新品牌的計劃仍在進行中，而且正如 John 提到的那樣，在運營方面，我們已經開始擴大生產和分銷規模以滿足這一增長。我將在下一個季度審查中詳細介紹這些行動。

Let me now shift to our strategic priorities, starting with our plant. We continue to be on track for completing construction by the end of the year, and in the first quarter, we completed sourcing all the long lead items and began construction and foundation work for our fermentation area and for our power and infrastructure operations. We now have over 100 people working on site, and our single biggest risk and priority remains COVID management. We continue to manage the operation with the strictest protocols. Second, our development of the squalene as an excipient and our collaboration with IDRI on the next-generation advanced RNA vaccine for current and potential COVID variants. This effort continues to progress very well.

現在讓我談談我們的戰略重點，從我們的工廠開始。我們繼續按計劃在年底前完成建設，在第一季度，我們完成了所有長鉛項目的採購，並開始了發酵區以及電力和基礎設施運營的建設和基礎工作。我們現在有 100 多人在現場工作，我們最大的風險和首要任務仍然是 COVID 管理。我們繼續以最嚴格的協議管理運營。其次，我們開發角鯊烯作為賦形劑，並與 IDRI 合作開發針對當前和潛在 COVID 變體的下一代先進 RNA 疫苗。這項工作繼續進展順利。

Here's an update. We just completed an array of studies using both our sustainable squalene and shark-derived squalene. And results showed comparable performance between the 2 sources and provided us another data point confirming that our sustainable produced squalene will be the best adjuvant -- the best excipient in adjuvant applications. Our RNA vaccine is delivering preclinical immunogenicity results comparable to other leading vaccines, and it requires only one dose. Finally, we're entering the final stages of testing prior to initiating Phase I clinical trials, and we will look forward to sharing additional results soon.

這是一個更新。我們剛剛使用我們的可持續角鯊烯和鯊魚來源的角鯊烯完成了一系列研究。結果顯示兩種來源的性能相當，並為我們提供了另一個數據點，證實我們可持續生產的角鯊烯將是最好的佐劑——佐劑應用中最好的賦形劑。我們的 RNA 疫苗正在提供可與其他領先疫苗相媲美的臨床前免疫原性結果，而且它只需要一劑。最後，我們正在進入 I 期臨床試驗開始前的最後測試階段，我們期待盡快分享更多結果。

Now let me close with the focus areas for the remaining of 2021. We need to complete construction of the Barra Bonita plant by the end of the year. Second, we need to ensure continued scale-up of our new products with special focus on the squalene production at metric ton scale, the RNA vaccine advancement to clinical trials and the continued sales growth and market development for a clean Bonsucro ethanol.

現在讓我結束 2021 年剩餘時間的重點領域。我們需要在年底前完成 Barra Bonita 工廠的建設。其次，我們需要確保繼續擴大新產品的規模，特別關注公噸級角鯊烯生產、RNA 疫苗進入臨床試驗以及清潔 Bonsucro 乙醇的持續銷售增長和市場開發。

The final priority for us is to ensure the successful launch of our 5 new brands in the third and fourth quarter. This will require us to continue to add more scale and resilience to our fulfillment and production model for our consumer business. We are off to a strong start to 2021, and we look forward to executing against our growth agenda and priority.

我們的最後一個優先事項是確保在第三和第四季度成功推出我們的 5 個新品牌。這將要求我們繼續為我們的消費者業務的履行和生產模型增加更大的規模和彈性。我們在 2021 年開局良好，我們期待著執行我們的增長議程和優先事項。

With that, I will turn the call over to Han to review the financial results. Han?

有了這個，我會把電話轉給韓審查財務結果。韓？

Thank you, Eduardo, and let's turn to Slide 12. I'm pleased to report that we had a very successful quarter with record sales revenue, expanded gross margins and significantly positive adjusted EBITDA. We delivered significant value during the first quarter from continued product-related revenue growth and the completion of the second strategic ingredients transaction. This resulted in record revenue of $177 million, gross margin of 91% and significantly positive adjusted EBITDA of $103 million.

謝謝 Eduardo，讓我們轉到幻燈片 12。我很高興地報告我們有一個非常成功的季度，銷售收入創紀錄，毛利率擴大，調整後的 EBITDA 顯著為正。我們在第一季度通過產品相關收入的持續增長和第二項戰略原料交易的完成實現了巨大的價值。這導致創紀錄的 1.77 億美元收入、91% 的毛利率和 1.03 億美元的顯著正調整 EBITDA。

Q1 product revenue was up 47%, driven by strong consumer revenue growth. We further reduced our debt position versus year-end 2020 by 33% to $115 million. And since the closing of Q1, we signed a third strategic ingredients transaction with an estimated value of $100 million and a successful equity raise of new proceeds of $131 million. All of these factors combined significantly improved our capital structure, solidified our liquidity and provide financial flexibility to accelerate growth of our business.

在消費者收入強勁增長的推動下，第一季度產品收入增長了 47%。與 2020 年底相比，我們的債務頭寸進一步減少了 33% 至 1.15 億美元。自第一季度結束以來，我們簽署了第三筆戰略成分交易，估計價值為 1 億美元，並成功籌集了 1.31 億美元的新收益。所有這些因素共同顯著改善了我們的資本結構，鞏固了我們的流動性並提供了財務靈活性以加速我們業務的增長。

Total revenue of $177 million was a new record and included proceeds of $144 million related to the strategic ingredient portfolio transaction. Total underlying revenue comprising product sales and collaboration revenue increased 37% to $33 million compared to the prior year quarter. Product revenue of $28 million increased $9 million or 47% compared to Q1 2020, driven by a $6 million or 73% increase in consumer sales and a $3 million or 25% increase in ingredient sales.

1.77 億美元的總收入創下新紀錄，其中包括與戰略成分組合交易相關的 1.44 億美元收益。與去年同期相比，包括產品銷售和協作收入在內的基礎總收入增長了 37%，達到 3300 萬美元。產品收入為 2800 萬美元，與 2020 年第一季度相比增加了 900 萬美元或 47%，這主要得益於消費者銷售額增長 600 萬美元或 73% 以及原料銷售額增長 300 萬美元或 25%。

Gross margin of $161 million or 91% of revenue improved from $18 million or 63% of revenue in Q1 2020. Excluding the $144 million contribution from strategic transactions, gross margin of $17 million increased by $4 million compared to Q1 2020, mostly due to product-related margin growth.

毛利率為 1.61 億美元，佔收入的 91%，高於 2020 年第一季度的 1800 萬美元，佔收入的 63%。剔除戰略交易貢獻的 1.44 億美元，毛利率為 1700 萬美元，與 2020 年第一季度相比增加了 400 萬美元，這主要是由於與產品相關的利潤率增長。

Cash operating expense of $54 million increased by $9 million or 21% compared to the prior year quarter due primarily to marketing investments and the expansion of consumer brands and additional R&D spend. G&A expense was down 3% compared to the prior year quarter due to lower expense in finance, HR and legal. Increased expenses in selling were related to investments for the setup of new brands, marketing and fulfillment and distribution expense due to increased sales activity. T&E expense continue to be down due to COVID-19 travel restrictions. Adjusted EBITDA was $103 million and improved $130 million year-over-year due to income from the Q1 strategic transaction, increased underlying revenue and also improved product margin. This was partially offset by higher operating expense.

與去年同期相比，5400 萬美元的現金運營費用增加了 900 萬美元或 21%，這主要是由於營銷投資和消費品牌的擴張以及額外的研發支出。由於財務、人力資源和法律方面的支出減少，G&A 費用比去年同期下降了 3%。由於銷售活動增加，銷售費用增加與新品牌設立投資、營銷和履行以及分銷費用有關。由於 COVID-19 旅行限制，T&E 費用繼續下降。調整後的 EBITDA 為 1.03 億美元，同比增長 1.3 億美元，這主要歸功於第一季度戰略交易的收入、基礎收入的增加以及產品利潤率的提高。這部分被更高的運營費用所抵消。

GAAP net earnings were minus $289 million due primarily to a $377 million of unfavorable noncash mark-to-market adjustments related to changes in the fair value of debt and derivatives. GAAP EPS of minus $1.08 compared to minus $0.56 in the prior year quarter. Adjusted net earnings of $95 million or $0.35 per share compared to adjusted net earnings of minus $44 million or minus $0.28 per share for the prior year quarter. The company recorded a non-GAAP adjustments totaling $384 million in Q1 2021. This relates to the $377 million I just mentioned in terms of noncash mark-to-market adjustments.

GAAP 淨收益為負 2.89 億美元，主要原因是與債務和衍生品公允價值變動相關的 3.77 億美元不利非現金市值調整。GAAP 每股收益為負 1.08 美元，而去年同期為負 0.56 美元。調整後淨收益為 9500 萬美元或每股 0.35 美元，而去年同期調整後淨收益為負 4400 萬美元或每股負 0.28 美元。該公司在 2021 年第一季度錄得總計 3.84 億美元的非 GAAP 調整。這與我剛才在非現金市值調整方面提到的 3.77 億美元有關。

Cash at the end of the quarter was $144 million, and this compares to $3 million at the end of Q1 2020. This includes $123 million in net cash from the Q1 strategic transaction after paying down $23 million in debt and $4 million expense. Total debt principal at the end of the quarter was $115 million, which compares to $209 million at the end of the same quarter last year and $170 million at year-end 2020. Interest expense for Q1 2021 of $6 million compares to $15 million in Q1 2020 due to lower debt.

本季度末現金為 1.44 億美元，而 2020 年第一季度末為 300 萬美元。這包括在償還了 2300 萬美元的債務和 400 萬美元的費用後，第一季度戰略交易產生的 1.23 億美元淨現金。本季度末的債務本金總額為 1.15 億美元，而去年同期末為 2.09 億美元，2020 年底為 1.7 億美元。由於債務減少，2021 年第一季度的利息支出為 600 萬美元，而 2020 年第一季度為 1500 萬美元。

Now let's turn to Slide 13. Q1 product revenue of $28 million grew by 47% versus the prior year quarter. Consumer revenue of $16 million grew 73%, and ingredients revenue of $13 million grew 25% versus prior year. Biossance continued to see strong sales activity from its online channel, with 70% of revenue from e-commerce. And Pipette delivered its best quarter yet and was up 5x versus Q1 2020. Purecane also set a new record. Ingredion saw strong revenue from squalene for B2B cosmetic applications and recorded its strongest quarter yet.

現在讓我們轉到幻燈片 13。第一季度產品收入為 2800 萬美元，比去年同期增長 47%。消費者收入為 1600 萬美元，同比增長 73%，配料收入為 1300 萬美元，同比增長 25%。Biossance 的在線渠道繼續保持強勁的銷售活動，其中 70% 的收入來自電子商務。Pipette 實現了迄今為止最好的季度業績，與 2020 年第一季度相比增長了 5 倍。Purecane 也創造了新紀錄。Ingredion 從用於 B2B 化妝品應用的角鯊烯中獲得了強勁的收入，並創下了迄今為止最強勁的季度業績。

Let's turn to slide 14. I have commented already on the various key financial metrics. The key takeaways from this page as it relates to our first quarter financial performance can be summed up with 5 simple points: First, we continue to grow revenue. Second, we enhance product margins for growth in consumer and efficiencies in ingredients. Third, as a result, adjusted EBITDA was up. Fourth, we much improved the balance sheet with debt down significantly, resulting in lower debt servicing expense. And lastly, we finished the quarter with total cash of $144 million.

讓我們轉到幻燈片 14。我已經對各種關鍵財務指標發表了評論。本頁與我們第一季度財務業績相關的主要內容可以總結為 5 個簡單的要點：首先，我們繼續增加收入。其次，我們提高產品利潤率以促進消費者增長和成分效率。第三，因此，調整後的 EBITDA 有所上升。第四，我們大大改善了資產負債表，債務大幅減少，從而降低了償債費用。最後，我們以 1.44 億美元的總現金結束了本季度。

As I previously mentioned, since the close of Q1, we had a successful equity raise with new proceeds of $131 million. This resulted in a current cash balance of around $235 million, not including any proceeds from the Ingredion transaction that we announced earlier this week.

正如我之前提到的，自第一季度末以來，我們成功地籌集了 1.31 億美元的新收益。這導致當前現金餘額約為 2.35 億美元，不包括我們本週早些時候宣布的 Ingredion 交易的任何收益。

Let me now turn to the outlook for full year 2021. We have a number of activities on the way to continue to support the growth of our business and to ensure we execute effectively on the strategic transactions, the addition of new brands and the continued development of our product development pipeline. Our current outlook for '21 is that we expect underlying total revenue, this is consumer, ingredients and collaboration and grants, to be in the $250 million range. When adding income from the completed strategic transactions, we expect total reported revenue to be around $400 million. We expect the strategic transactions to be mostly accretive to revenue and earnings resulting in positive full year adjusted EBITDA. We expect to continue our work on the balance sheet and expect debt to be below $100 million by year-end. This includes a $50 million convertible to equity, i.e., a net debt position of $50 million.

現在讓我談談 2021 年全年的展望。我們正在進行多項活動，以繼續支持我們的業務增長，並確保我們有效地執行戰略交易、增加新品牌和繼續開發我們的產品開發渠道。我們目前對 21 年的展望是，我們預計潛在總收入，即消費者、配料、合作和贈款，將在 2.5 億美元左右。加上已完成的戰略交易的收入，我們預計報告的總收入約為 4 億美元。我們預計戰略交易將主要增加收入和收益，從而導致全年調整後的 EBITDA 為正。我們希望繼續我們的資產負債表工作，並預計到年底債務將低於 1 億美元。這包括 5000 萬美元的可轉換為股權，即 5000 萬美元的淨債務頭寸。

With that I'll turn the call back over to John.

有了這個，我會把電話轉回給約翰。

Great, Han. Thank you. We believe that we have a truly winning business model and advantaged portfolio due to the synergy between our proprietary lab-to-market operating system, our ingredients pipeline and a track record in biomanufacturing, along with our portfolio of clean consumer brands. Consumers are demanding natural products that are clean and sustainably sourced. This is true for all consumer goods, including beauty, personal care, health and nutrition markets. We deliver better performing molecules at a lower cost, and they're sustainably sourced. This is our no-compromise promise for customers and consumers that is delivering industry-leading growth and margins. To make the world sustainable, our company needs to be sustainable. The simplification and growth of our portfolio and our continued operational performance enables us to become one of the first companies in our sector to become financially self-sustaining. We're very excited about the year ahead, and I look forward to hearing your questions.

厲害了韓謝謝。我們相信，由於我們專有的從實驗室到市場的操作系統、我們的配料管道和生物製造方面的業績記錄以及我們的清潔消費品牌組合之間的協同作用，我們擁有真正成功的商業模式和優勢產品組合。消費者需要清潔且來源可持續的天然產品。所有消費品都是如此，包括美容、個人護理、健康和營養市場。我們以更低的成本提供性能更好的分子，而且它們的來源是可持續的。這是我們對客戶和消費者的不妥協承諾，即實現行業領先的增長和利潤。為了讓世界可持續發展，我們的公司需要可持續發展。我們投資組合的簡化和增長以及我們持續的運營績效使我們成為我們行業中首批實現財務自給自足的公司之一。我們對未來的一年感到非常興奮，我期待聽到您的問題。

Allie, please open the call for questions.

艾莉，請打開電話提問。

(Operator Instructions) Our first question today comes from Colin Rusch with Oppenheimer.

（操作員說明）我們今天的第一個問題來自 Colin Rusch 和 Oppenheimer。

Guys, congratulations on all the progress. I want to dig into the yield improvements that you're talking about, and that seems like a pretty meaningful improvement here. Can you speak about the underlying drivers and how we should think about the cadence of that as we go forward and kind of ongoing regular yield improvements, even beyond those that you've spoken with?

伙計們，祝賀所有的進步。我想深入研究您正在談論的產量改進，這似乎是一個非常有意義的改進。你能談談潛在的驅動因素，以及我們應該如何考慮我們前進的節奏以及持續不斷的定期收益率提高，甚至超出你所談過的那些？

Colin, great to have you on the call, and I'm going to ask Eduardo to help out. I'll summarize and give you 3 big drivers of the improvements and then have Eduardo give you a little more color. So there are 3 things that are really driving the significant improvement in gross margin and the yield improvement for our production. And I'd say first, we obviously have new generations of strains, especially for some of our high-value products, CBG and vanillin B and a couple of great examples and also Reb M. Those are 3 great examples of new generation of strains. So that's point 1.

Colin，很高興你能接聽電話，我打算請 Eduardo 幫忙。我將總結並為您提供改進的 3 個主要驅動因素，然後讓 Eduardo 為您提供更多顏色。因此，有 3 件事真正推動了毛利率的顯著提高和我們生產的產量提高。我首先要說的是，我們顯然有新一代菌株，特別是對於我們的一些高價值產品，CBG 和香蘭素 B 以及幾個很好的例子和 Reb M。這些是新一代菌株的 3 個很好的例子.這就是第 1 點。

Point 2, we've done a lot to improve and see continuous improvement in our downstream processes, the chemistry that polishes and cleans the molecules that come from fermentation. And that is a second big driver.

第 2 點，我們做了很多改進，並看到我們的下游工藝不斷改進，拋光和清潔來自發酵的分子的化學。這是第二大驅動因素。

And the third, really the biggest contributor that we haven't yet started to see the full benefit of, but you will see as we approach the beginning of 2022 is actually what happens when we consolidate the fermentation and the downstream processing into a single site at Barra Bonita and eliminate the need for transportation and the need for off-site finishing of our products. So think about that as a structural change in how we actually operate manufacturing, first; secondly, downstream process improvement; and then last but not least, strain improvement. And those 3 are the key drivers to our continuous improvement in yield and productivity.

第三，真正最大的貢獻者，我們還沒有開始看到它的全部好處，但你會看到，當我們接近 2022 年初時，當我們將發酵和下游加工整合到一個站點時，實際上會發生什麼在 Barra Bonita，消除了運輸和對我們產品進行場外整理的需要。因此，首先將其視為我們實際運營製造方式的結構性變化；其次，下游工藝改進；最後但並非最不重要的一點是，應變改善。這 3 個是我們不斷提高產量和生產力的關鍵驅動因素。

Eduardo, a little more color, if you'd like to jump in.

Eduardo，如果你願意的話，再多一點顏色。

Yes, absolutely. And Colin, thanks for the question. We -- as you know, every time we run a campaign, we look at the settings, and ours is a precision manufacturing activity. So as it relates to what John mentioned, from the process side, we adjusted the settings in our upfront filters to -- for maximum performance, and that includes temperature, pH and the various other settings.

是的，一點沒錯。科林，謝謝你的提問。我們 - 如您所知，每次我們開展活動時，我們都會查看設置，而我們的活動是精密製造活動。因此，與 John 提到的內容相關，從流程方面，我們將前期過濾器中的設置調整為——以獲得最佳性能，其中包括溫度、pH 值和各種其他設置。

The second part to it, as we just discussed, is really balancing our flow. We got a lot better at adjusting the flow between the front end or the purification to the back end, including the filter press and the drying. And I think that, as it relates to your comment about the future, we have a learning process excellence approach to everything we do, and that will be continued to be in effect. But I think we will expect additional significant improvement when we co-locate. Clearly, we -- today, we ferment in one site and we purify in another, and that does include -- that does introduce a level of additional improvement that we hope to capture as we open our new Barra Bonita plant, Colin.

正如我們剛剛討論的那樣，它的第二部分實際上是平衡我們的流程。我們在調整前端或淨化到後端之間的流量方面做得更好，包括壓濾機和乾燥。而且我認為，由於它與您對未來的評論有關，我們對我們所做的每一件事都有一種學習過程卓越的方法，並且這將繼續有效。但我認為，當我們同地辦公時，我們會期待更多的顯著改進。顯然，我們 - 今天，我們在一個地點發酵，我們在另一個地點進行淨化，這確實包括 - 這確實引入了我們希望在我們開設新的 Barra Bonita 工廠 Colin 時獲得的額外改進。

Perfect. And then, this one's maybe for Han, just around CapEx and the build-out of the new facility. Obviously, commodity prices are moving all over the place. We're seeing a tremendous amount of tightness in the labor market. Can you speak to kind of visibility to the CapEx numbers, cadence of the construction? Any concerns and bottlenecks that you're seeing right now?

完美的。然後，這可能是 Han 的，就在資本支出和新設施的擴建方面。顯然，大宗商品價格正在四處波動。我們看到勞動力市場非常緊張。你能談談資本支出數字的可見性，建設的節奏嗎？您現在看到的任何問題和瓶頸？

Yes. Thanks Colin. And yes, we do. We have very strong governance around this. We meet on a weekly basis with the project team. We manage a tight budget, particularly as it relates to the Barra Bonita facility, which is our biggest capital investment. So we're very much aware of what's going on from a foreign exchange regard to a USD perspective, and we're keeping close tabs on that.

是的。謝謝科林。是的，我們有。我們對此有非常強有力的治理。我們每週與項目團隊會面。我們的預算很緊，尤其是與我們最大的資本投資 Barra Bonita 工廠有關的預算。因此，我們非常了解從外匯到美元的角度來看正在發生的事情，並且我們正在密切關注這一點。

As Eduardo mentioned earlier, most of the long-lead items have been ordered, and so we have those commitments out there. So yes, absolutely top of mind for us, very important projects, but -- and managing the budget within the guardrails is very much, from a governance perspective and oversight and a planning perspective, is very much top of mind. And what I can tell you is myself, Eduardo, and including John, we're very closely involved with this project and watch it on a weekly basis.

正如 Eduardo 之前提到的，大多數長周期項目已經訂購，因此我們有這些承諾。所以，是的，對我們來說絕對是最重要的項目，非常重要的項目，但是——從治理的角度、監督和規劃的角度來看，在護欄內管理預算是非常重要的。我可以告訴你的是我自己，Eduardo，包括 John，我們都非常密切地參與了這個項目並且每週都會關注它。

And another one...

還有一個...

Yes, the only thing I would add to Han's comments, and I was just in Brazil in the last couple of weeks, and I can tell you, the project is on track. It's within budget. I think we set about $70 million for a plant that will generate $200 million of product revenue. And now with our expanded agreements to manufacture long term and supply the industry, we're very focused on getting this plant out of the way and looking for what the next expansion looks like. But that's -- I just want to confirm that it's on track, on budget, and we expect to stay that way.

是的，我唯一要補充的是 Han 的評論，過去幾週我剛剛在巴西，我可以告訴你，該項目正在按計劃進行。它在預算之內。我認為我們為一個將產生 2 億美元產品收入的工廠設置了大約 7000 萬美元。現在，隨著我們擴大長期製造和供應行業的協議，我們非常專注於讓這家工廠擺脫困境，並尋找下一次擴張的樣子。但那是——我只是想確認它是否在預算之內，並且我們希望保持這種狀態。

Fantastic. And then, just given the dynamics in the agriculture sector where commodity prices are trending, obviously sugar is not anywhere near historic highs, but it's off lows. Can you speak to some of the risk management around input prices and supply access that you guys are putting in place as you move forward and start growing a little bit more aggressively?

極好的。然後，僅考慮到大宗商品價格趨勢的農業部門的動態，顯然糖離歷史高位不遠，但已脫離低點。你能談談你們在前進並開始更積極地增長時正在實施的一些關於投入價格和供應渠道的風險管理嗎？

Yes. We have, again, a locked-in structure for pricing with our partner in Brazil, Raizen, which is obviously one of the biggest producers of sugarcane in Brazil. And we look at it carefully. At this point, I'd say we're very comfortable with the natural hedge of currency and commodities being kind of offsetting each other in Brazil. So we don't see any pressure in the short term, and we obviously keep a close eye on that. Eduardo and his team, obviously, focus on that regularly.

是的。我們再次與我們在巴西的合作夥伴 Raizen 建立了定價結構，Raizen 顯然是巴西最大的甘蔗生產商之一。我們仔細觀察它。在這一點上，我想說我們對貨幣和商品的自然對沖在巴西相互抵消感到非常滿意。所以我們在短期內看不到任何壓力，我們顯然會密切關注這一點。顯然，Eduardo 和他的團隊經常關注這一點。

Our next question comes from Doug Schenkel with Cowen.

我們的下一個問題來自 Doug Schenkel 和 Cowen。

So I want to start with a guidance question. Specifically, I want to dig in on the full year guidance update. If I have it right, you had previously indicated that you expected 35% of core revenue in the first half. In our model, we had a little bit more in Q1 than you generated. But that said, it could just be that we were a little too aggressive early in the year with our forecast, so that's probably more us than you.

所以我想從一個指導問題開始。具體來說，我想深入了解全年指導更新。如果我沒記錯的話，你之前曾表示你預計上半年的核心收入為 35%。在我們的模型中，我們在第一季度的產量比您產生的多一點。但話雖如此，這可能只是因為我們在今年年初的預測有點過於激進，所以這可能比你更多。

But that -- all that said, guidance implies you're expecting a pretty robust ramp in revenue from Q1 to Q2 and even more in the second half. This is especially true, given you actually increased underlying core revenue guidance for the year, I think, by about $10 million. Can you just help us better understand the pacing dynamic, and maybe more importantly, what gave you confidence to actually increase this target, especially as you're, I think, expecting a bit more in the second half than the first half?

但話雖如此，指導意見意味著您預計從第一季度到第二季度的收入將出現相當強勁的增長，下半年甚至更多。這一點尤其正確，因為我認為你實際上將今年的基本核心收入指導增加了約 1000 萬美元。你能不能幫助我們更好地了解節奏動態，也許更重要的是，是什麼讓你有信心實際提高這個目標，尤其是我認為，你對下半場的期望比上半場高一點？

Yes. Let me start Doug, and then I'll let Han provide any underpinning detail. Look, the big picture is really around 3 key drivers that are really doing well for us right now and giving us confidence on that base increase, and I think you nailed it. We basically are increasing by about 10, the revenue from our base business this year.

是的。讓我先從 Doug 開始，然後讓 Han 提供任何支持細節。看，大局真的圍繞著 3 個關鍵驅動因素，它們現在對我們來說確實做得很好，讓我們對基礎增長充滿信心，我認為你做到了。今年我們的基礎業務收入基本上增加了 10 倍左右。

And the 3 drivers are this. We have 5 new brands coming into selling, starting at the end of the second, and then obviously, major activity in the third quarter. When we look at the demand, I mean there's one simple example. We had one brand that we acquired, did $1 million last year. We thought it would do $2 million to $3 million this year. It's now tracking for $6.5 million. That's one example of an acquisition that we start benefiting from the revenue here in the second quarter and then, obviously, going through the rest of the year.

3 個驅動程序是這個。我們有 5 個新品牌開始銷售，從第二季度末開始，然後顯然是第三季度的主要活動。當我們查看需求時，我的意思是有一個簡單的例子。我們收購了一個品牌，去年賺了 100 萬美元。我們認為它今年會賺 200 萬到 300 萬美元。它現在的追踪價格為 650 萬美元。這是我們在第二季度開始從這裡的收入中受益的收購的一個例子，然後，顯然，在今年餘下的時間裡。

When we look at Rose Inc., when we look at JVN, I mean these are brands that are all starting with an order book and retail environment that's much better than we expected. So that's one driver of us providing a slightly healthier guidance than we started the year with. Secondly, when we look at the ingredients portfolio, the deals we've done with Ingredion, with DSM and then the other deals with Firmenich and Givaudan, actually give us a better outlook than we expected earlier, when we were thinking about the deals we were contemplating for the ingredient portfolio.

當我們看 Rose Inc. 時，當我們看 JVN 時，我的意思是這些品牌都是從訂單簿和零售環境開始的，這比我們預期的要好得多。因此，這是我們提供比年初更健康的指導的一個驅動力。其次，當我們查看成分組合時，我們與 Ingredion、DSM 以及其他與 Firmenich 和 Givaudan 達成的交易實際上給了我們比我們之前預期的更好的前景，當時我們正在考慮我們的交易正在考慮成分組合。

So robust ingredient performance and a structure that enables us to capture the benefit of that momentum going into the second half of the year and ingredients really driven by the end markets. The end markets for personal care and beauty are very robust right now, and we're seeing that flow through in greater demand.

如此強勁的成分性能和結構使我們能夠從進入下半年的勢頭和真正由終端市場驅動的成分中獲益。個人護理和美容的終端市場目前非常強勁，我們看到這種需求越來越大。

And I think lastly -- look, our collaborations and the partnership portfolio we have is looking very strong, and we ended up with several additional molecules added to the portfolio that will drive strong collaboration revenue into the second half of the year. So those are the 3 drivers. I hope that helps, and again, happy for Han to jump in.

我認為最後 - 看，我們的合作和我們擁有的合作夥伴組合看起來非常強大，我們最終在組合中添加了幾個額外的分子，這將在今年下半年推動強勁的合作收入。所以這些是 3 個驅動程序。我希望這能有所幫助，再次為 Han 的加入感到高興。

Yes, that's -- sorry, Han. Sorry about that.

是的，那是——對不起，韓。對於那個很抱歉。

No. Go ahead, Doug.

不。來吧，道格。

No, I think you would -- I was going to say it was pretty helpful, and I'm guessing, Han, you were going to say that, that probably covered a lot of it.

不，我想你會——我會說這很有幫助，我猜，Han，你會這麼說，這可能涵蓋了很多。

Exactly. So please proceed.

確切地。所以請繼續。

Okay. All right. And then I guess just -- I'd like to talk a little bit about the pipeline and then at a higher level, the process by which you're advancing the pipeline and other initiatives. So let me start on the pipeline. How many molecules total are in the pipeline as we speak after the announcement of some of the recent collaborations? And how should we be thinking about time lines from discovery to development? It does seem like things are accelerating a little bit, so I'm just wondering if there's any updates you could provide there. Because ultimately, it would be really interesting for us to think about, especially given some of the TAM updates. It'd be interesting to think about how quickly Amyris could start to recognize revenue from some of the pipeline molecules being created in conjunction with partners.

好的。好的。然後我想只是 - 我想談談管道，然後在更高的層次上，你推進管道和其他計劃的過程。所以讓我開始管道。在我們宣布最近的一些合作之後，我們所說的管道中總共有多少分子？我們應該如何考慮從發現到開發的時間線？事情似乎確實有所加速，所以我只是想知道您是否可以在那裡提供任何更新。因為最終，我們考慮一下真的很有趣，尤其是考慮到一些 TAM 更新。想想 Amyris 能多快開始認識到與合作夥伴一起創建的一些管道分子的收入會很有趣。

Look, I think we started the year with 18 in the pipeline, and right now, we're running at about 24 in the pipeline. And by pipeline, we really mean active development and scale-up. And so what that says is this year, I think we'll have around 4 to 6 that end up going commercial, and then I expect to see somewhere around an average of 6 molecules a year between now and 2025, on average, going commercial and generating revenue. So that's how you can think about timing to revenue. And they each have, obviously, a different profile of how much revenue. But we know that, on average, a molecule will deliver $1 million in revenue its first year, and we have several that do much better than that. It really depends on the size of the market and the molecule we're putting in.

看，我認為我們今年年初有 18 個在籌備中，而現在，我們正在籌備中大約有 24 個。通過管道，我們真正的意思是積極的開發和擴大規模。所以這就是說今年，我認為我們將有大約 4 到 6 個最終商業化，然後我預計從現在到 2025 年平均每年大約有 6 個分子商業化並創造收入。這就是您考慮收入時間的方式。顯然，他們每個人對收入的多少都有不同的看法。但我們知道，平均而言，一個分子將在第一年帶來 100 萬美元的收入，而且我們有幾個做得比這好得多。這實際上取決於市場規模和我們投入的分子。

Okay. And I'm going to ask this question even though it might be better for another forum, but I think it's interesting to just think through. It's something that jumped out at us from your investor miniseries on Earth Day, which was really helpful. We're just wondering if you could share a little more about how your business development team is selecting and vetting profiles for new ingredients, replacing incumbent products versus differentiated chemical and mechanical properties stability. I guess we're just -- it does seem like, if anything, the velocity of partnerships, but maybe just as importantly, the verticals you're moving into is picking up. It would be interesting just to hear a little bit more about how you're prioritizing, given it does seem like there is a myriad of opportunities which continues to grow.

好的。我會問這個問題，儘管它可能更適合另一個論壇，但我認為仔細想想很有趣。這是你在地球日的投資者迷你劇中跳出來的東西，這真的很有幫助。我們只是想知道您是否可以分享更多關於您的業務開發團隊如何選擇和審查新成分的配置文件，以替代現有產品以及差異化的化學和機械性能穩定性。我想我們只是 - 看起來，如果有的話，合作夥伴關係的速度，但也許同樣重要的是，你正在進入的垂直領域正在加速。如果能多聽聽你是如何確定優先次序的，那會很有趣，因為看起來確實有無數的機會在繼續增長。

Look, I think there's a -- I mean there's a few dimensions. From an economic perspective, we obviously care a lot about time to market and cash to market, how much investment to generate the first cash and how long will it take to get there. And that matters a lot because we have a very tight resource pool of people, and actually, more than anything, our space now is very constrained in our labs in Emeryville. So we have to be really thoughtful about which ones we take on, and we take the ones that we believe are profitable the fastest.

看，我認為有一個 - 我的意思是有幾個維度。從經濟角度來看，我們顯然非常關心上市時間和上市現金、產生第一筆現金需要多少投資以及需要多長時間才能到賬。這很重要，因為我們的人員資源非常緊張，實際上，最重要的是，我們在埃默里維爾的實驗室現在的空間非常有限。因此，我們必須非常仔細地考慮我們接受哪些，我們接受我們認為最快盈利的那些。

I think the second is really the market structure, and we look a lot at volatility of supply and price and then demand structure and partner capability in that demand structure. What I mean by that is we want people to partner with that are leaders for those specific ingredients or products and have at least double GDP or better growth and in markets that have an unusual or high volatility of supply and price where the technology is advantaged to perform in.

我認為第二個確實是市場結構，我們非常關注供應和價格的波動，然後是該需求結構中的需求結構和合作夥伴能力。我的意思是，我們希望人們與那些特定成分或產品的領導者合作，並且擁有至少兩倍的 GDP 或更好的增長，並且在供應和價格異常或高度波動的市場中，技術有優勢執行。

So I just said a lot there. I hope that made sense, Doug, but it's really 3 different dimensions. We assess the market structure. We assess the molecule and the dynamics around the molecule and the market, including the technologies capability. And then we address kind of the no-compromise components of the molecule and our ability to really win with that molecule in the market.

所以我只是在那裡說了很多。我希望這是有道理的，道格，但這實際上是 3 個不同的維度。我們評估市場結構。我們評估分子以及分子和市場周圍的動態，包括技術能力。然後我們解決分子的不妥協成分以及我們在市場上真正贏得該分子的能力。

Our next question comes from Laurence Alexander with Jefferies.

我們的下一個問題來自 Jefferies 的 Laurence Alexander。

Can you connect the strategic agreements with how you're thinking about the growth rate for ingredients? And in particular, I guess 2 angles. One is through the likely near-term growth rate for the ingredients business the next several years. But then I guess as a second question, what kind of milestone thresholds out of that $3 billion target sales, what threshold do your partners need to hit for you to get the full value of the -- future value of the strategic transactions?

您能否將戰略協議與您對原料增長率的看法聯繫起來？特別是，我猜是 2 個角度。一是通過未來幾年配料業務可能的近期增長率。但我想作為第二個問題，在 30 億美元的目標銷售額中，什麼樣的里程碑門檻，你的合作夥伴需要達到什麼門檻才能讓你獲得戰略交易的未來價值的全部價值？

I'll try to frame that answer in 3 parts, Laurence. The first one is milestone payments and what we expect, and that's all really driven on how the earn-out was structured around certain molecules. And all of that is based on molecules in the market today and the performance over the next 3 years. And so we're pretty confident about that, and as you know, in total now, we have about $275 million of earn-out payments coming over the next 3 years when you look at the total of both deals.

勞倫斯，我將嘗試將答案分為 3 個部分。第一個是里程碑付款和我們的預期，而這一切都真正取決於如何圍繞某些分子構建收益。所有這些都基於當今市場上的分子和未來 3 年的表現。因此，我們對此非常有信心，正如你所知，當你查看這兩筆交易的總額時，我們在未來 3 年內總共有大約 2.75 億美元的盈利支付。

The second is the revenue component, which is what -- the $3 billion number you've spoken about, and the $3 billion number is actually predominantly based on the molecules that are currently in the market, the F&F molecules as well as the sweetener and the continued growth rate of those molecules over the 15-year period. So nothing really different has to happen. I guess the only thing that can't happen is if some competitor came to the market with a molecule that was lower cost and better performing than our supply, and the partner decided to break the agreement with us and then not deliver the growth. But as long as those things don't happen, and we've got a pretty good sense of confidence that those things are pretty well in place, then we realize that revenue over the 15-year period.

第二個是收入部分，也就是你所說的 30 億美元，而 30 億美元實際上主要基於目前市場上的分子，F&F 分子以及甜味劑和這些分子在 15 年期間的持續增長率。所以沒有什麼真正不同的事情會發生。我想唯一不可能發生的事情是，如果一些競爭對手帶著比我們供應的成本更低、性能更好的分子進入市場，而合作夥伴決定與我們打破協議，然後不實現增長。但只要這些事情沒有發生，並且我們對這些事情已經到位有很好的信心，那麼我們就會在 15 年期間實現收入。

There is upside, right, that's the third component here, is there's upside in 2 dimensions. We obviously have a significant number of molecules in discussion right now with all of the partners that we just signed on. Those molecules, the development payments for those molecules and the revenue -- the incremental revenue and market opportunity for those molecules would be incremental to the outlook that we shared. I don't know if that helps or not, Laurence, thinking about the 3 parts.

有好處，對，這是這裡的第三個組成部分，是二維的好處。顯然，我們現在正在與我們剛剛簽署的所有合作夥伴討論大量分子。這些分子，這些分子的開發費用和收入——這些分子的增量收入和市場機會將增加我們分享的前景。我不知道這是否有幫助，勞倫斯，考慮這 3 個部分。

John, maybe -- Laurence, if I may, just with one thing. This is Eduardo. I think beyond what John said on the product revenue side, there is also 2 things that I believe this new strategic agreements will help us drive that $3 billion number that you mentioned. One is it's more scaled. By retaining access to the production supply that John mentioned, we really will capture additional efficiencies, scale and also scaling raw materials that also will drive -- help us keep the costs even more competitive and drive additional market demand.

約翰，也許——勞倫斯，如果可以的話，就一件事。這是愛德華多。我認為除了約翰在產品收入方面所說的話，還有兩件事我相信這個新的戰略協議將幫助我們推動你提到的 30 億美元的數字。一是規模更大。通過保留對 John 提到的生產供應的訪問權，我們真的將獲得額外的效率、規模和規模化原材料，這也將推動——幫助我們保持成本更具競爭力並推動額外的市場需求。

And the second one is capabilities, right? I think part of attaining that incremental value is the fact that we're partnering in a way that leverages additional capability like the solutions capability that Ingredion brings to the table beyond the high-quality ingredient that we created. So I hope that helps, too.

第二個是能力，對吧？我認為實現這種增量價值的部分原因是我們正在以一種利用額外能力的方式合作，比如 Ingredion 在我們創造的高質量成分之外帶來的解決方案能力。所以我希望這也有幫助。

And then just to clarify then the 10 molecules that you mentioned are in development with Givaudan and Firmenich, I believe that would be additional to the molecules you already signed a deal with them on.

然後澄清一下你提到的 10 種分子正在與 Givaudan 和 Firmenich 一起開發，我相信這將是你已經與他們簽署協議的分子的補充。

That is correct. That is -- and it's a combination of Firmenich, Givaudan, DSM and Ingredion. All have new molecules for us to work on. And that is all part of that 10 selection, which is incremental to what's already out there and what we've made public.

那是對的。也就是說——它是 Firmenich、Givaudan、DSM 和 Ingredion 的組合。所有人都有新的分子供我們研究。這就是這 10 個選擇的全部內容，這是對現有內容和我們公開的內容的增量。

Our next question comes from Amit Dayal with H.C. Wainwright.

我們的下一個問題來自 H.C. 的 Amit Dayal。溫賴特。

Just a question on the collaboration versus the consumer revenues. So with the consumer business now on a pretty strong footing, the collaboration revenues have been relatively stable at the $5 million -- $4 million to $5 million levels per quarter. Is this going to change because of these new sort of partnerships? Or do you think your investments and resources would get a better ROI if we focused more on the consumer side of things?

只是關於合作與消費者收入的問題。因此，隨著消費者業務現在站穩腳跟，協作收入相對穩定在每季度 500 萬至 400 萬至 500 萬美元的水平。這會因為這些新的伙伴關係而改變嗎？或者，如果我們更多地關註消費者方面，您是否認為您的投資和資源會獲得更好的投資回報率？

Look, I mean I think this is why -- so Amit, by the way, thanks for being on the call. And let me try the question this way. For the partnerships we've had, we actually got into a pretty stable funding and a pretty stable pipeline that's predictable for development. I think what you're going to see is some expansion around that. And from a return perspective, we haven't really shared publicly, but we're generating about 10x on our money for the molecules that we've put into these agreements with these partners, a 10x return on our money over what is probably a 3- to 5-year period, depending on molecule. So we think that's not bad. It's obviously not as good as we're getting in the consumer side.

聽著，我的意思是我認為這就是原因——所以阿米特，順便說一下，感謝你接聽電話。讓我以這種方式嘗試這個問題。對於我們擁有的合作夥伴關係，我們實際上獲得了相當穩定的資金和相當穩定的管道，可以預測開發。我認為你將看到的是圍繞它的一些擴展。從回報的角度來看，我們並沒有真正公開分享，但我們為我們與這些合作夥伴在這些協議中投入的分子產生了大約 10 倍的資金，我們的資金回報率可能是 10 倍3 至 5 年期限，具體取決於分子。所以我們認為這還不錯。它顯然不如我們在消費者方面獲得的那麼好。

In the consumer side, look, some of these recent acquisitions, I mean we are getting significant returns fast because I think we're buying right. And we're buying interesting brands that are really -- having a lot of traction with the consumer, and we like the

在消費者方面，看，最近的一些收購，我的意思是我們正在快速獲得可觀的回報，因為我認為我們買對了。我們正在購買真正吸引消費者的有趣品牌，我們喜歡

(technical difficulty)

（技術難度）

It looks like we might have lost John's line. So please hold while we reconnect.

看起來我們可能丟失了 John 的線路。所以請稍候，我們會重新連接。

Yes, we lost him.

是的，我們失去了他。

Yes, we lost him. We should proceed with the question. And then -- so Amit, please go ahead if you have a next question that we...

是的，我們失去了他。我們應該繼續這個問題。然後 - 那麼阿米特，如果你有下一個問題，請繼續......

My next question was going to be around John's comments about around $200 million in consumer revenues in 2022. What will that mix look like, Han, in terms of, say, the beauty segment versus sweeteners and the other products that you have?

我的下一個問題是圍繞約翰關於 2022 年消費者收入約為 2 億美元的評論。Han，就美容產品與甜味劑和您擁有的其他產品而言，這種混合會是什麼樣子？

And you were asking about next year, correct?

你問的是明年，對嗎？

Yes, yes. 2022, yes.

是的是的。2022 年，是的。

Yes. So -- I mean, of course, we expect the consumer side to continue to grow faster than the ingredients side. So if you think about it from a relative perspective where we've typically had is historically more ingredient sale. This year, we will definitely have the consumer outpace the ingredient segment. So what we said previously, I think, is that where it used to be 40-60, it's now going to be more like 60-40. If you look at 2021, and we can -- and we expect that trend to continue. So think about it longer term, perhaps as 2/3-1/3. And then as the consumer piece continues to grow both organically as well as perhaps by rounding out the brand portfolio, by adding a few more brands, that's the direction we see from an overall portfolio composition perspective.

是的。所以——我的意思是，當然，我們預計消費者方面的增長將繼續快於配料方面。因此，如果您從我們通常擁有的歷史上更多的成分銷售的相對角度考慮它。今年，我們肯定會讓消費者超過配料部分。所以我認為我們之前所說的是，過去是 40-60，現在更像是 60-40。如果你看看 2021 年，我們可以——而且我們預計這種趨勢將繼續下去。所以從長遠考慮，也許是 2/3-1/3。然後隨著消費品繼續有機增長，也可能通過完善品牌組合，通過添加更多品牌，這就是我們從整體投資組合構成的角度來看的方向。

The only thing I'd add, Han -- and by the way, sorry, I got dropped off. You would think that in Switzerland, telecoms actually worked really well. But the way I would think about this is in a really big picture. I have to look at -- we're -- what are we building and where are we going to? And you look at 2025, I think we have a business in 2025 based on the current portfolio that generates $1.6 billion to $1.7 billion of revenue and has a very solid 30%, 35% or so EBITDA -- adjusted EBITDA based on the business structure. And I think the business structure is all about really creating sustainable leadership and end markets where we believe synthetic biology is going to be a critical enabler of those markets based on what we see as the market dynamic or market structure for certain molecules and demand -- demand patterns by the consumer.

韓，我唯一要補充的是——順便說一下，抱歉，我被打擾了。你會認為在瑞士，電信實際上運作得非常好。但我認為這是一個非常大的圖景。我必須看看 - 我們 - 我們正在建造什麼以及我們要去哪裡？看看 2025 年，我認為我們在 2025 年的業務基於當前的投資組合，產生 16 億至 17 億美元的收入，並且具有非常穩定的 30%、35% 左右的 EBITDA——根據業務結構調整後的 EBITDA .而且我認為業務結構就是真正創造可持續的領導力和終端市場，我們相信合成生物學將成為這些市場的關鍵推動者，基於我們所看到的某些分子和需求的市場動態或市場結構 -消費者的需求模式。

So I don't like -- I think so far, we've nailed it on strategy and structure of the market. And I think we're going to just execute and ensure that we have that leadership position by picking the right partners, having the right molecules, generating more margin from the molecules than anybody generates today in our industry and making sure that we continue to really be the leader in the markets that matter. I think beauty -- people ask like, "Why beauty?" Look, beauty is a wonderful market.

所以我不喜歡——我認為到目前為止，我們已經把它釘在了市場的戰略和結構上。而且我認為我們將通過選擇合適的合作夥伴，擁有合適的分子，從分子中產生比我們行業今天任何人產生的利潤更多的利潤，並確保我們繼續真正成為重要市場的領導者。我認為美——人們會問，“為什麼是美？”看，美是一個美妙的市場。

First of all, what we do with synthetic or what we do with natural fermentation-based molecules is exactly where the beauty industry is going. We're the best at it, and consumer brands live a lot longer than IP and patents do. So we think there's a beauty in having an amazing set of brands that are all really tracking excellent with the consumer backed by an amazing IP portfolio of the world's leading synthetic biology platform. So we think that strategy is differentiated, and we think that strategy has traction right now to just continue to focus on execution.

首先，我們對合成材料所做的事情或我們對基於天然發酵分子的事情所做的事情正是美容行業的發展方向。我們是最擅長的，消費品牌的壽命比知識產權和專利長得多。因此，我們認為擁有一系列令人驚嘆的品牌是一種美妙的體驗，這些品牌在世界領先的合成生物學平台的驚人知識產權組合的支持下，都真正地跟踪了消費者。所以我們認為戰略是差異化的，我們認為戰略現在有牽引力，可以繼續專注於執行。

And we have time for one more question, which will come from Craig Irwin with ROTH Capital Partners.

我們還有時間再問一個問題，這個問題將來自 ROTH Capital Partners 的 Craig Irwin。

So most of what I would have asked has obviously been addressed already. But I did want to dig into the guidance, the $250 million in base revenue. $10 million higher, that's a really good thing. Can you maybe update us in the context of a divested revenue from your strategic adjustments to the portfolio? I think you'd said previously that you were divesting about $30 million in revenue from 2021. It seems that those agreements actually were all bigger from a cash take and a total value standpoint. Is $30 million still a good number to work with? Or was there may be slightly more revenue divested, but still we increased guidance by $10 million?

所以我想問的大部分問題顯然已經得到解決。但我確實想深入研究指導，即 2.5 億美元的基本收入。高出 1000 萬美元，這真是一件好事。您能否在從您對投資組合的戰略調整中剝離收入的背景下更新我們？我想您之前曾說過，您將從 2021 年開始剝離約 3000 萬美元的收入。從現金收入和總價值的角度來看，這些協議似乎實際上都更大。3000 萬美元仍然是一個不錯的數字嗎？或者可能有更多的收入被剝離，但我們仍然將指導增加了 1000 萬美元？

Yes. Craig, great to have you on. And let me start and then have Han fix whatever I say. So the first thing is not only were all the value components of the deals better than we expected, we also did not sell off the revenue we expected. So we had said we think it's about 30 million based on 2020, 2021. The reality is off of 2021 base, we've actually sold off about $10 million or slightly less than $10 million of revenue, call it $10 million of revenue. Han's given me the [vibes] here. So about $10 million of revenue. And when you look at the growth rate and you look at the additional molecules and what we're putting in the market with these partners, we actually are growing the revenue pretty significantly in our F&F portfolio from 2020 to 2021.

是的。克雷格，很高興你加入。讓我開始，然後讓 Han 解決我說的任何問題。因此，第一件事不僅是交易的所有價值組成部分都比我們預期的要好，而且我們也沒有賣掉我們預期的收入。所以我們曾說過，我們認為基於 2020 年、2021 年的數字約為 3000 萬。現實是在 2021 年的基礎上，我們實際上已經賣掉了大約 1000 萬美元或略低於 1000 萬美元的收入，稱之為 1000 萬美元的收入。Han 給了我這裡的 [氛圍]。所以大約有 1000 萬美元的收入。當你看看增長率，看看額外的分子以及我們與這些合作夥伴一起投放市場的東西時，實際上，從 2020 年到 2021 年，我們的 F&F 產品組合的收入增長非常顯著。

So it's actually a different outcome than we expected, Craig, which is one reason why now that the deals are done, we have a little more confidence in what the year outlook looks like. And we're also seeing the orders come in and the demand for these ingredients. So not only are we ending up with a different structure that's better from a revenue perspective, but also we're seeing demand really robust from these partners for the molecules we sell.

所以這實際上是一個與我們預期不同的結果，克雷格，這就是為什麼現在交易已經完成，我們對今年的前景更有信心的原因之一。我們也看到訂單的到來和對這些成分的需求。因此，我們不僅最終得到了一種從收入角度來看更好的不同結構，而且我們看到這些合作夥伴對我們銷售的分子的需求非常強勁。

That's really great. That's really great to hear. So my next question, every phone call -- I get a lot of phone calls. Everybody's asking, "How big is Biossance? How big is Biossance every quarter?" So we're kind of left guessing a little bit by some of the metrics you share. I guess you didn't give an absolute number in this call or the last couple events or the prior call. Can you guys maybe update us on how big it is right now or how big it is you think it'll be this year and what the trajectory really is at this point?

那真是太棒了。這真是太好了。所以我的下一個問題，每個電話——我都會接到很多電話。每個人都在問，“Biossance 有多大？Biossance 每個季度有多大？”因此，我們只能根據您分享的一些指標進行一些猜測。我猜你在這次電話會議或最後幾場活動或之前的電話會議中沒有給出絕對數字。你們能不能告訴我們它現在有多大，或者你認為今年會有多大，以及目前的軌跡是什麼？

Yes, I know Han will kill me, but I'm going to jump in because he and I argue about this all the time, meaning whether we share it or not. And I can tell you Biossance this year will be over $100 million in revenue. Biossance, right now, is already at a run rate of about $80 million annualized. And as you know, each quarter has been significant growth for us, and the fourth quarter is the biggest quarter by far. So that kind of gives you a sense of Biossance.

是的，我知道 Han 會殺了我，但我要加入，因為他和我一直在爭論這個問題，意思是我們是否分享。我可以告訴你，Biossance 今年的收入將超過 1 億美元。Biossance 目前的年化運行率已經達到約 8000 萬美元。如您所知，我們每個季度都有顯著增長，第四季度是迄今為止增長最快的一個季度。所以那種給你一種 Biossance 的感覺。

Consumer, in total, is bigger than we expected this year. And I think you'll start to see that consumer number get north of that $135 million to $145 million level this year. And that's really coming out of just robust performance of our new brands. So -- and you saw in the reported results that our margin for consumer -- our gross margin for consumer in the first quarter was outstanding. We see -- again, just maintaining our robust performance in consumer right now.

總的來說，今年的消費者比我們預期的要大。而且我認為你會開始看到今年的消費者數量超過 1.35 億美元至 1.45 億美元的水平。這真的來自於我們新品牌的強勁表現。所以 - 你在報告的結果中看到我們的消費者利潤率 - 我們第一季度的消費者毛利率非常出色。我們再次看到，現在只是保持我們在消費者領域的強勁表現。

This concludes our question-and-answer session. I'd like to turn the call back over to John Melo for any closing remarks.

我們的問答環節到此結束。我想將電話轉回給 John Melo 以聽取任何結束語。

Great. Thank you, Allie, I really appreciate your help, and thanks to everyone for joining us today and for your continued interest and support. If we did not get to your question, please follow up with our investor relations team. We'll make sure to get back to you with a response. We wish everybody the best of luck for a healthy and successful rest of 2021, and we look forward to speaking with you during one of our upcoming investor conferences. Thanks, everyone.

偉大的。謝謝你，艾莉，我真的很感謝你的幫助，感謝大家今天加入我們，感謝你一直以來的關注和支持。如果我們沒有回答您的問題，請跟進我們的投資者關係團隊。我們一定會回复您。我們祝大家好運，在 2021 年餘下的時間裡健康成功，我們期待在我們即將舉行的投資者會議之一期間與您交談。感謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。